Reasons why your business needs a Co-op Till today
Research has shown that tills lead to increased sales, better cash flow through faster transactions, easier access to funds for re-investment or withdrawal, and improved financial management with real-time transaction data
Most businesses have adopted digital money transactions as they reduce reliance on cash and improve security.
Co-op Till, for instances, allows businesses with a short-code account for receiving M-Pesa and other payments directly into their Co-op Bank accounts.
You can create a Co-op Till by visiting a Co-op Bank branch with their national ID or by using the “Biz” section of the YEA App.
On the YEA App, what one only needs to do is create Co-op Till, fill your details and create the till.
If one visits a Co-op Bank branch, they only need to to provide your national ID card to apply for a Co-op Till.
Co-op Till acts as a real-time account that allows M-Pesa agents, businesses, and customers to send payments, terminates funds instantly into one’s Co-op Bank account and facilitates transactions for various entities, including Saccos, clinics, schools, and retail shops.
Research has shown that tills lead to increased sales, better cash flow through faster transactions, easier access to funds for re-investment or withdrawal, and improved financial management with real-time transaction data.
They also offer convenience for customers with various payment options, while providing features like loans, airtime sales, and business management tools for merchants.
For the business owner, they eliminate the risk of theft and loss associated with cash, enhancing security, improve cash flow as money collected is instantly available, improving liquidity and enabling quick use for other business transactions and provide flexibility for customers to pay digitally, potentially attracting more customers.
In addition, the enable seamless payments to customers, other businesses, and for bills directly from the till or owner’s account.
Access to instant transaction reports helps with business monitoring, management, and reconciliation while the option to sell airtime using collected funds provides an additional revenue stream and commission.
They also ensure enhanced security as business operators are able to secure accounts with PINs and IDs to protect business funds.
Customers also get to enjoy many benefits as tills offer a simple and secure way to pay for goods and services, with cashless transactions.
They can also pay using various networks and mobile money services, such as M-Pesa or others and also avoid the need to handle cash, which is beneficial for hygiene and security.
